Source : zycrypto.com
- PlanB is confident that the 200-Moving average trend is bullish for Bitcoin
- He advises market players to prioritize it over the increasing price volatility
- Bitcoin remains in a critical position at this time as daily loses crosses 6%
Market Volatility is not enough to drown the new bullish metrics for Bitcoin (BTC). This is according to PlanB – Founder of the Bitcoin Stock to Flow – model. In a very recent tweet, Plan B notes that Bitcoin’s 200 – week moving average is still increasing.
Bitcoin might just be on its way out of a repetitive bear cycle
He advises that the market ignores the rising volatility that both Bitcoin and other altcoins are experiencing at this time.
Per the above tweet, the 200-week moving average is surging, implying that buying exceeds trading at this time. Although the responses to the tweet suggest that many market players, do not consider the moving average a fitting metric that accurately indicates bullishness for the leading cryptocurrency.
This is the second metric the Bitcoiner is pointing to, as a potential catalyst for a Bitcoin bull run. Earlier this week, Plan B asserted that the Bitcoin Relative Strength Index (RSI) is also a sign that the market is positioned for a greener market. At the time, the RSI index was around 55, indicating that it was at a neutral state, and attempting an upward retest.
Plan B is not the only Bitcoin proponent with high hopes for the benchmark cryptocurrency. The strategists at Bloomberg have also been bullish, with the $100,000 price point still being targeted this year. In contrast, Du Jun – co-founder of Huobi exchange – is quite bearish on the asset. He recently disclosed that he sees Bitcoin attempting a bull run between late 2024 and 2025, but not anytime soon.
Bitcoin’s current price still reflects bearish sentiments
At the time of this report, Bitcoin (BTC) is currently trading downwards. The asset has shed over 5% of its gains within the last 24hrs. This has brought weekly losses above 15%; the second-highest weekly loss beside Ether’s 17.40%.